https://www.taxtmi.com/caselaws?id=325138 A cooperative credit society's entitlement to deduction under section 80P(2)(a)(i) depended on whether it was a cooperative bank excluded by section 80P(4). The appellate authority found that the society did not meet the cumulative requirements of a primary cooperative bank under section 5(ccv) of the Banking Regulation Act, 1949, because its principal business was not established as banking and its bye-laws lacked the mandatory bar on admitting another cooperative society as a member. The Tribunal noted that binding High Court authority had been followed and no contrary decision was shown. Deduction remained available only to the extent income was attributable to providing credit facilities to members, and section 80P(4) did not deny the claim. en-us Thu, 18 Feb 2016 00:00:00 +0530 Fri, 11 Mar 2016 11:07:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325138 A cooperative credit society's entitlement to deduction under section 80P(2)(a)(i) depended on whether it was a cooperative bank excluded by section 80P(4). The appellate authority found that the society did not meet the cumulative requirements of a primary cooperative bank under section 5(ccv) of the Banking Regulation Act, 1949, because its principal business was not established as banking and its bye-laws lacked the mandatory bar on admitting another cooperative society as a member. The Tribunal noted that binding High Court authority had been followed and no contrary decision was shown. Deduction remained available only to the extent income was attributable to providing credit facilities to members, and section 80P(4) did not deny the claim. Case-Laws Income Tax Thu, 18 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325138